MARA Holdings, a Nasdaq-listed Bitcoin mining company, sold 13,597 BTC valued at approximately $1.1 billion after the third quarter ended and used $750 million of the proceeds to pay off Bitcoin-backed loans. The transaction was announced on November 9, as MARA builds liquidity for its AI infrastructure expansion plans and upcoming capital obligations.
The sale marks a shift away from MARA’s previous Bitcoin accumulation policy, as the company begins using its digital asset treasury to strengthen its balance sheet and fund its growth strategy. The possibility of additional sales remains open.
MARA Sells $1.1B of Bitcoin and Clears Secured Debt
MARA sold 13,597 BTC at an average price of approximately $81,039 per coin. This volume is equivalent to nearly 40% of the 34,012 BTC the company held as of September 30 and is roughly six times its total Q3 production of 2,247 BTC, highlighting the significant scale of the transaction relative to the company’s mining operations.
Of the approximately $1.1 billion in proceeds, MARA used $750 million, or about 68%, to pay off two Bitcoin-backed loans. The two loans were established in August, consisting of approximately $450 million with Coinbase of which $150 million was used to refinance an existing credit facility and $300 million with Two Prime. The repayment allowed MARA to release and recover 17,477 BTC that had been posted as collateral.
At the end of September, MARA had 19,260 BTC loaned out or pledged as collateral, accounting for about 57% of its total holdings. After the loans were repaid, this ratio dropped to below 5%, according to MARA’s Q3 shareholder letter. The release of collateral eliminates liquidation risks associated with the $750 million in loans and returns the majority of its Bitcoin to unencumbered status.
Total digital assets held as of September 30, 2026, and December 31, 2025. Source: MARA, SEC
MARA has not disclosed its remaining Bitcoin holdings following the sale. The latest confirmed figure is 34,012 BTC as of September 30, prior to accounting for the new transaction and Bitcoin mined after Q3.
The End of MARA’s Full-HODL Strategy
The latest sale marks a reversal from the treasury policy MARA announced in July 2024. Under its “full HODL” strategy, the company committed to retaining all mined Bitcoin and periodically making open-market purchases. CEO Fred Thiel at the time described Bitcoin as the world’s best treasury reserve asset.
The policy began to shift in 2025, when MARA allowed the sale of mined Bitcoin. Entering 2026, the company expanded the scope to include Bitcoin accumulated on its balance sheet.
Prior to the new transaction, MARA had sold 26,984 BTC in the first nine months of 2026 at an average price of $71,123, generating approximately $1.9 billion in proceeds. The post-Q3 sale brings MARA’s total disclosed Bitcoin sales for the year to 40,581 BTC, corresponding to approximately $3 billion.
MARA continues to define Bitcoin mining as its foundational business. Under its current policy, BTC holdings serve both as a long-term investment and a source of liquidity that may be sold depending on market conditions and capital allocation priorities.
AI Expansion Drives the Cash Build
The $750 million in loans MARA just repaid was raised in August to finance the Long Ridge Energy & Power acquisition in Ohio. The approximately $1.5 billion deal will add a gas-fired power plant permitted for 485 MW and more than 1,600 acres of land that can be developed into a data center campus. According to MARA’s Q3 Form 10-Q filing, the deal was approved by the U.S. Federal Energy Regulatory Commission on November 4 and is expected to close in the coming weeks.
MARA also holds development rights for a site with up to 2 GW of potential capacity in Texas, while its subsidiary Exaion signed a four-year GPU-as-a-service contract valued at $79 million. Beyond capital needs for these projects, MARA has $48.1 million in notes maturing in December 2026. In 2027, noteholders can require the company to repurchase two series of convertible notes with a combined remaining principal amount of approximately $924 million. The board of directors has also authorized a share repurchase program of up to $500 million, though it has not committed to executing it.
In Q3, MARA’s revenue fell 35% year-over-year to $164.2 million, even as Bitcoin production rose 5%. The company reported net income of $632.1 million, though this result includes $885.3 million in unrealized gains from the remeasurement of digital assets.
What Comes Next
MARA has not disclosed a minimum Bitcoin balance it intends to maintain, nor the timing or size of future sales. The company stated that it may sell additional Bitcoin depending on market conditions and capital allocation priorities, while still retaining a portion of its Bitcoin for long-term investment purposes.
Subsequent filings will update its current Bitcoin balance and show whether proceeds continue to be directed toward AI infrastructure, note obligations, or the share repurchase program. In the near term, key milestones to watch include the closing of the Long Ridge transaction, the note repurchase put options in 2027, and whether MARA executes its $500 million buyback authorization.
